| Naples Florida Housing Market Deep Dive |
| This data is brought to you courtesy of NABOR (Naples Area Board of Realtors) |
| Despite wide speculation that home sales in October would drop dramatically in Collier County following Hurricane Ian, closed and pending sales for the month increased 23.7% and 8.7% compared to closed and pending sales reported in September Naples Florida real estate. While 525 listings were either terminated, expired or withdrawn, overall inventory for the month increased 72.7 percent to 2,325 properties from 1,346 properties in October 2021. |
| The Naples Florida home market is now in a state of reorganization and redevelopments in the areas that were significantly impacted by Ian. This is something that will be beneficial to Naples in the long run as many of the older homes that were severely damaged by the flooding are in extremely desirable areas. What does that mean for Naples? An even better version of what existed with a building boom, better quality and more sustainability in the homes that are being built. 2021 was an exceptional year for Collier County real estate so it’s difficult to draw a comparison to post-Ian October 2022 to 2021. Closed sales in October 2022 decreased 24.5 percent to 662 closed sales from 877 closed sales in October 2021. Pending sales (homes under contract) went down 43.3 percent to 673 from 1,186 in October 2021. However, October’s overall median closed price remained at $555,000 but compared to October 2021, the overall median closed price has increased 23.3 percent from $450,000. There was a small increase in new listings from condominium owners but it’s not turning into a “fire sale” trend of owners whose homes were damaged and chose to sell rather than rebuild. New listings increased 26.1% which is typical for this time of year. Overall new listings in October decreased 13.9 percent to 908 from 1,054 in October 2021. New listings for single family homes were just 10 properties shy of the 548 new listings reported in October 2021. This is great for incoming buyers who may find many more options than last year. The NABOR® October 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: |
| The newest trend is that there is some room for negotiation in the market for buyers. Obviously with interest rates at a significantly higher level than a year ago that normally would have a dampening effect but many Naples Florida real estate sales are cash. Even so, sellers are getting an average of 96.4% of their asking prices which can serve to offset some of the interest rate increase. Hopefully you’ve found this “deep dive” into Naples real estate of interest and if you’d like more information about your neighborhood, past, present or future, let us know and we’d be happy to send you some info. |
